Where Are Interest Rates Headed in Austin?
Right now is definitely a good time to lock in a low rate, but I would recommend that you move quickly. Once the global market finds its footing, rates will be going back up again.Don’t forget that new TRID rules took place in October, and this may affect your transaction in 2016. Initially it was thought that 45 days we’re going to be needed to close a transaction, however there have not been as many delays. Homes are usually closing in 30 days or less.
I have Bob Wetmore with me today, and he’s with Cornerstone Group Architects. We’re actually sitting inside one of my listings on Shepherd Mountain (6504 Courtyard Drive). Bob is going to tell us a little more about what he does.
Bob has been in business for more than 20 years, has won many awards, and has even been featured on HGTV.
When asked about current design trends in Austin, Bob noted that more and more people are trying to convert outdoor to indoor living spaces. In essence, the goal is to blur the line between being outside and inside.
Another trend that continue to be strong is having the kitchen as the heart of the home. It’s become increasingly difficult to do this because there are many different ways to cook food and there are now many different appliances to do it with.
One other thing that’s happening is that we have to determine which technologies we should be implementing in homes. There are so many new and promising technologies that it’s difficult to decide which ones will stick, and which will fade out. We’ve been implementing solar panels and other smart technologies, and it seems to be working for right now.
Another trend that Bob notices is people being okay with less space in the home. The age of the McMansion seems to be over, and people are beginning to prefer quality over quantity.
Lastly, Bob suggests that when hiring an architect, you find someone that you enjoy working with, but also make sure to review their work and make sure that it’s a design that you’re comfortable with. You’re going to be working alongside this person for quite some time, so communication is incredibly important, much like it is when you hire a real estate agent to sell your home.
If you have any questions for Bob or for me, please don’t hesitate to contact us. Bob’s phone number is 512-329-0007, and you can contact me via phone or email at any time!
Is now a perfect time to buy a home in Austin?
Today, I want to share some of latest market trends we’ve seen in the Austin area. But first, because I’m such a foodie and love to try different restaurants throughout the Austin area, I want to share a new restaurant I visited and really love!
Now, on to real estate news. Right now, it’s more affordable than ever to make monthly payments on a mortgage. Historically, you would have to pay 22% of your monthly income in order to make your monthly payments on a mortgage. Right now, payments will only cost you around 15.3% of your monthly income. It might come as a surprise that, if you decide to rent, it will cost you twice as much: 30.1%!
If you have any questions about market conditions, or if you need real estate assistance of any kind, don’t hesitate to reach out to me. I would love to give you a hand!
What’s Going on in the Austin Marketplace?
Spring is here in Austin! With this time of year comes all kinds of market activity, so we thought it would be a great time to give you a quick update on the Austin real estate marketplace!
- New home sales are up 5.3% from this time last year.
- This indicates builders are purchasing land and feeling confident about the future of real estate.
- Buyer activity is 3 times greater than it was last year.
- A great sign that the market is strong and stable, and that buyers are confident.
So, are we currently in a buyer’s market or a seller’s market? It’s a seller’s market if there is less than 6 months of inventory, whereas it’s a buyer’s market if there are greater than 7 months of inventory. Anywhere in between, of course, is a neutral market.
Right now in Austin, we’re in a strong seller’s market, which means now is the time to list your home if you want to get a high price for it! If you want to close by August, you need to get your home on the market between now and July; if you miss that mark, your home will sit on the market until the fourth quarter and you won’t get as much for it!
If you have any questions, or if you would like real estate assistance of any kind, give us a call or shoot us a quick email! I would love to help you take advantage of the great market conditions we’re experiencing here in Austin!
Three Things to Know about Austin Real Estate
Hello and welcome to my new video blog, where I’ll be keeping you updated on the Austin real estate market. I’ll be discussing timely topics so that you can take advantage of the real estate market when you decide to buy or sell. I’m currently filming this video at one of my beautiful listings in Tarrytown, which is only five minutes from downtown Austin.
Today I’ll be discussing three important developments in our Austin real estate market:
- Consumer optimism is at an all-time high.The University of Michigan published a study that reported consumer confidence is as high as it’s been in the last eleven years. This should drive some growth in our real estate market.
- Household formations are starting to skyrocket. This doesn’t necessarily mean that more people are buying real estate, but they are leasing it and are expected to begin purchasing in the near future. This is another sign that consumers are regaining confidence in the economy.
- Mortgage rate premiums are falling. More affordable home loans will make affordability rise, and this will push a lot of home buyers out onto the market. The National Association of Realtors expects this increased affordability will allow 90,000-140,000 more homes to be sold in the near future! Millennial home buyers are expected to enter the market in the next 3 years and are expected to buy lots of homes.
If you have any other questions or concerns about Austin real estate, please contact me. I’m always willing to help you!